Maplebear (NASDAQ:CART) Shares Up 3.8% After Analyst Upgrade

Maplebear Inc. (NASDAQ:CART)’s stock price shot up 3.8% on Monday after Barclays raised their price target on the stock from $58.00 to $61.00. Barclays currently has an overweight rating on the stock. Maplebear traded as high as $46.95 and last traded at $46.92. 2,056,577 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 4,116,189 shares. The stock had previously closed at $45.22.

Several other equities research analysts have also weighed in on CART. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on shares of Maplebear from $47.00 to $44.00 and set an “equal weight” rating for the company in a report on Thursday, April 3rd. Loop Capital cut their price objective on Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Morgan Stanley increased their target price on Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Finally, FBN Securities began coverage on Maplebear in a report on Friday, March 28th. They issued a “sector perform” rating and a $44.00 price target for the company. Twelve equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $50.61.

Insider Activity

In related news, CEO Fidji Simo sold 2,033 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at $66,182,360. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $42.57, for a total transaction of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. The trade was a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,165 shares of company stock worth $1,541,785 in the last 90 days. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after buying an additional 2,300,288 shares during the last quarter. Victory Capital Management Inc. raised its stake in Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock worth $293,919,000 after acquiring an additional 2,841,559 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Maplebear by 15.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company’s stock worth $196,524,000 after purchasing an additional 635,930 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock valued at $127,650,000 after acquiring an additional 1,416,426 shares in the last quarter. Finally, Boston Partners bought a new stake in shares of Maplebear during the fourth quarter worth about $111,506,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Down 3.1 %

The firm’s 50 day moving average is $40.28 and its two-hundred day moving average is $43.52. The company has a market cap of $11.97 billion, a P/E ratio of 30.61, a PEG ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, research analysts forecast that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.